Individual Retirement Accounts (IRA)

An Individual Retirement Account (IRA) is a great way to save for your future. Whether you're just beginning your career or have a retirement date in sight, Bank of Granite can help you determine the IRA solution that is best for where you are in life. We offer the following types of IRAs:

• Traditional IRA—allows tax deferment until funds are withdrawn, some contributions are tax deductible
• Roth IRA—allows tax-free withdrawals for certain distribution reasons after five years, contributions are nondeductible and taxed in the year they are earned
• Coverdell Education Savings Account—formerly known as Education IRAs, feature non-tax deductible contributions but allow tax-free withdrawals for a child's higher (and some qualified elementary and secondary) education expenses; distributions must be made during the year in which the education expenses are incurred
• Self-Directed IRA—puts you in control of the stocks, bonds, and mutual funds in your account; available as Traditional or Roth account
• Simplified Employee Pension IRAs (SEP IRA)—allows employers to offer employees a tax-sheltered retirement plan without the burden of complex administration; Bank of Granite furnishes everything to implement the plan, freeing you to concentrate on your business

Contact any Bank of Granite office so we may help you determine the IRA solution to best suit your needs.